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朝闻国盛:央地财政关系的历史、现状和前景分析
GOLDEN SUN SECURITIES· 2025-08-27 00:24
证券研究报告 | 朝闻国盛 gszqdatemark 2025 08 27 年 月 日 朝闻国盛 央地财政关系的历史、现状和前景分析 今日概览 重磅研报 【固定收益】央地财政关系的历史、现状和前景分析——20250826 研究视点 【有色金属】锑:7 月供应大幅下滑,锑品出口收紧或接近尾声—— 20250826 【计算机】寒武纪-U(688256.SH)-时代的主角,利润率大超预期—— 20250827 【计算机】中科创达(300496.SZ)-AI 端侧成为重要成长动力,智能软 件与汽车业务提供稳健基本盘——20250827 【环保】聚光科技(300203.SZ)-业绩短期承压,高端科学仪器发力在 即——20250827 【食品饮料】今世缘(603369.SH)-充分释压,行稳致远——20250827 【建材】赛特新材(688398.SH)-国内市场价格和盈利阶段性承压,新 国标或带来显著订单增量——20250827 【食品饮料】农夫山泉(09633.HK)-龙头强势恢复,业绩表现亮眼—— 20250827 【环保】华宏科技(002645.SZ)-利润大幅增长,稀土价格回升&新增 产能提升盈利弹性——202 ...
赢家时尚(03709.HK):业绩表现符合预期 盈利能力提升 资产质量稳健
Ge Long Hui· 2025-08-26 19:50
2025 年上半年经营活动产生的现金流量净额为8.96 亿元,同比大幅增长98.3%,主要因上年同期存货增 加占用了较多现金。截止到6 月末存货金额14.9 亿元,相比年初下降5.5%,期末资产负债率(银行贷 款/总权益)为10.6%,财务状况健康。 公司以打造中国轻奢品牌管理集团为愿景,多品牌运营能力出众,在全新定位和管理升级下,后续有望 展现出更强的增长动能。短期考虑到零售环境仍在复苏,女装市场竞争激烈,我们下调公司25-27 年盈 利预测,预计归母净利润分别为5.1/5.5/5.9 亿元(原为6.4/7.1/7.7亿元),对应PE 9/9/8 倍。选取同为中 高端女装的锦泓集团、江南布衣作为可比公司,在业务模式、盈利能力、用户群体、渠道分布上较为可 比。考虑到可比公司25 年平均PE 为10 倍,给予公司10 倍PE,相比当前市值仍有13%的上涨空间,维 持"增持"评级。 风险提示:宏观经济及消费复苏低于预期;市场竞争加剧风险;存货管理风险。 分渠道看,电商连续12 年保持增长,线下渠道优化调整。1)线上电商增长稳健。同比增长8.9%至5.95 亿元,收入占比提升至19.2%,毛利率同比提升2.3pct ...
赢家时尚(03709.HK):净利润表现稳健 渠道优化持续推进
Ge Long Hui· 2025-08-26 19:50
投资建议:公司是国内中高端女装市场领军企业,产品运营提效有望带动中长期业绩持续成长,估值具 备吸引力。我们预计2025~2027 年归母净利润分别为4.97/5.59/6.24 亿元,当前股价对应2025 年PE 为10 倍,维持"买入"评级。 渠道优化持续推进,期待2025H2 门店数量环比平稳为主。公司渠道体系以直营为主,近年来调整升级 渠道结构。分渠道来看:2025H1 直营/加盟/电商收入分别24.3/0.8/5.9 亿元,同比分别-8%/-38%/+9%, 毛利率分别同比+0.1/-0.8/+2.3pct至79.7%/73.5%/63.4%。量价拆分来看:1)店数方面:2025H1 末直营 门店较期初-56 家至1388 家,加盟门店较期初-18 家至377 家,期待2025H2 门店数量环比H1 末平稳为 主。2)店效方面:我们估计短期公司坚持渠道优化,开大店、关小店,调整门店面积及位置,2025 年 以来店效估计同比稳健为主。中长期来看,品牌力及产品效率的提升有望带动店效稳健提升。 零售承压导致库存周转效率变慢。短期公司终端表现承压使得库存周转速度变慢,2025H1 末公司存货 金额同比+17% ...
实探主理人网红店TWOI:有爆款二手价炒5倍 进店需预约
Xin Jing Bao· 2025-08-24 04:46
8月中旬,设计师女装品牌TWOI在上海开出首店。其中"werwer发夹"是该品牌的热门单品。目前,在某二手电商平台,一对原价78元的中号werwer蝴蝶结发 夹转手价达到459元。 8月16日开业首日,该店引发大批顾客排队,有顾客排了8小时,还有顾客因高温晕倒送医。在现场一片混乱之时,当天下午该店贴出闭店通知,表示:"接 相关部门要求,为确保所有顾客的安全,TWOI上海门店于即刻停止营业。"8月17日,品牌主理人、网红"兵熊小英"发文向消费者道歉;8月18日,品牌发布 正式道歉信,并公布补偿方案;8月18日13:00重启试营业,且即日起店铺采用分时段预约进店模式。 8月22日,上海静安CP商场TWOI门店外景。新京报贝壳财经记者俞金旻摄 实探:现场无需排队店员数量多于顾客 8月22日下午,新京报贝壳财经记者实探已经恢复营业的TWOI上海门店。记者在现场看到,入店购物需要提前刷二维码预约,现在基本没有人排队,贝壳 财经记者现场扫码即预约到了40分钟后入店的名额。记者在现场观察的2个小时里,并未见到有大量消费者排队的现象,反而是该商场在门店用隔离栏设置 大量回形走廊。 8月22日下午,上海静安CP商场内的TWOI ...
“经济上行的美”,是真繁荣还是怀旧幻象?
虎嗅APP· 2025-08-18 09:47
Core Viewpoint - The article discusses the evolving dynamics of the women's fashion market, highlighting the tension between traditional feminine aesthetics and modern minimalist styles, while critiquing the societal pressures and standards imposed on women's bodies through fashion and advertising [4][5][6]. Group 1: Fashion Trends and Societal Pressures - The women's fashion market is experiencing a split between soft, feminine elements and rational, minimalist styles, which often impose new standards on body types [4]. - Advertising in the lingerie sector emphasizes the "no trace" concept, reinforcing the idea that women's bodies should not leave any "marks," thus promoting products that "correct" perceived body flaws [5]. - Language surrounding women's bodies has become more derogatory, with terms like "camel toe" and "pork belly line" demonizing natural body contours, often through voyeuristic perspectives [5]. Group 2: Cultural Reflections in Media - The film "Barbie" serves as a counter-narrative to the unrealistic standards of femininity, portraying a character that embodies the complexities of real women's experiences rather than an idealized version [5][6]. - The conclusion of "Barbie" resonates with contemporary women's anxieties about conforming to a compressed and modified standard of beauty, questioning the allowance for authentic bodily experiences [5]. Group 3: Shifts in Fashion Meaning - The role of clothing has fundamentally shifted from merely aesthetic to a powerful symbol of identity and moral judgment, reflecting broader societal changes [6][7]. - The red MAGA hat is cited as a prime example of how clothing can convey political messages and reinforce tribal identities, showcasing the intersection of fashion and ideology [7]. Group 4: The Impact of Social Media - Social media has transformed personal expression, with private details of life becoming public, thus reshaping individual identity and self-perception [22][23]. - The phenomenon of "everyone being a blogger" highlights the pressure to curate a public persona, often leading to fragmented identities across different platforms [24]. Group 5: Labor and Ethical Considerations in Fashion - The fast fashion industry is critiqued for its exploitative labor practices, particularly affecting women workers in developing countries, who face long hours and low wages [31][32]. - The systemic undervaluation of labor in the fashion supply chain raises ethical questions about consumer choices and the true cost of "freedom of choice" in fashion [31][33].
“女装一姐”,卖不动了?
3 6 Ke· 2025-07-20 23:46
Core Viewpoint - The fashion brand Dazzle is facing significant challenges, with declining revenues and profits, as well as a loss of market position among urban women's clothing brands, reflecting a broader shift in consumer preferences and fashion trends [3][10][24]. Financial Performance - Dazzle's financial report indicates a decline in both revenue and net profit for the fiscal year 2024, with a continued downward trend into the first quarter of 2025 [3][10]. - The company closed over 100 stores within a year, with its main brand Dazzle experiencing an 18.37% revenue drop, the largest among its four brands [3][10][24]. - The revenue in the East China region, which contributes the most to Dazzle's earnings, fell by 15.16% to 9.62 billion [10]. Market Position and Competition - Dazzle's main brand did not make it to the top sales rankings during major promotional events, while competitors like Moco, Cos, and Edition performed well [3][10][24]. - The brand's image and offerings are perceived as lacking differentiation in a market that has become increasingly segmented and competitive [21][24]. Consumer Behavior and Trends - There is a noticeable shift in consumer preferences, with high heels and luxury handbags losing their appeal, leading to a more casual workplace attire [26]. - Consumers express dissatisfaction with Dazzle's current offerings, citing a lack of appealing designs [10][21]. Marketing and Brand Strategy - Dazzle is attempting to revitalize its brand image through collaborations with popular celebrities and influencers, but this has not translated into increased sales [22][24]. - The brand's marketing expenses have decreased, which may impact its visibility and sales performance [24][25]. Online and Offline Sales Channels - Dazzle's online revenue decreased by 7.31% to 3.68 billion, accounting for 16.60% of total revenue, while offline sales dropped by 17.88% to 18.46 billion, making up 83.40% of total revenue [24][25]. - The total number of Dazzle stores decreased to 890, with the main brand closing the most locations [24].
女装网购退货率为啥这么高?
Ren Min Ri Bao Hai Wai Ban· 2025-07-16 23:59
Core Viewpoint - The high return rate in the women's clothing e-commerce sector is attributed to various factors, including consumer expectations, product quality discrepancies, and sizing inconsistencies, leading to a significant challenge for both consumers and retailers [6][10][11]. Group 1: Consumer Behavior and Expectations - Consumers are increasingly ordering more clothing items online but finding it harder to keep them, resulting in a return rate where 50% to 60% of women's clothing is returned [7][8]. - A study by 36Kr Research Institute indicates that the return rate for women's clothing is particularly high, with live-streamed sales seeing rates as high as 80% [7]. - Many consumers report that the quality of items received often does not match their expectations based on online representations, leading to dissatisfaction and returns [9][10]. Group 2: Quality and Sizing Issues - The complexity of women's clothing design contributes to the difficulty in finding suitable fits, as different body types can drastically change how a garment looks [9]. - There is a notable inconsistency in sizing standards across different retailers, causing confusion and leading to returns when items do not fit as expected [12]. - Retailers often prioritize low-cost production, which can compromise quality, resulting in garments that do not meet consumer expectations [10][11]. Group 3: E-commerce Platform Dynamics - E-commerce platforms have simplified return processes, which, while consumer-friendly, have also led to some consumers abusing the system, treating online stores as "free fitting rooms" [13][14]. - Platforms are implementing measures to address high return rates, such as using big data for better size recommendations and quality assessments, which have reportedly reduced return rates by 2 to 3 percentage points [15]. - The introduction of features like "return treasure" aims to encourage consumers to try new products while helping retailers manage return costs more effectively [15].
【私募调研记录】仁桥资产调研朗姿股份
Zheng Quan Zhi Xing· 2025-07-11 00:13
Group 1: Company Overview - Renqiao Asset recently conducted research on a listed company, Langzi Co., which showed varied performance among its medical beauty brands in Q1 2025, with Jingfu Medical Beauty's net profit increasing by 633.07% while other brands like Milan Baiyu and Wuhan Wuzhou experienced declines [1] - Langzi Co. aims to focus on technological innovation, customer needs, marketing channel optimization, and data governance in its medical beauty business, adhering to the philosophy of "safe medical beauty, reputation medical beauty, and quality medical beauty" without engaging in price competition [1] - The company has reduced its holdings in Ru Yuchen and accounted for the difference between the book value and the proceeds from the sale as investment income [1] Group 2: Financial Performance - In Q1, the revenue distribution among medical beauty departments was 45.14% for minimally invasive, 39.95% for dermatology, and 14.57% for surgery [1] - The sales expense ratio for medical beauty was 35.53%, with major marketing channels including local life platforms and short video platforms [1] - Online sales in the women's clothing segment increased by 14.31%, raising its revenue share to 42.62% of the women's clothing business [1]
朗姿股份(002612) - 002612朗姿股份投资者关系管理信息20250710
2025-07-10 07:58
Financial Performance - In Q1 2025, the company achieved total revenue of approximately 1.399 billion yuan, a year-on-year decrease of 7.77% [2] - Gross profit margin was 59.72%, an increase of 0.61 percentage points compared to the same period last year [2] - Net profit attributable to shareholders was approximately 95 million yuan, an increase of 5.12% year-on-year [2] - Net cash flow from operating activities was approximately 174 million yuan, a decrease of 23.43% year-on-year [2] - Basic earnings per share were 0.2153 yuan, an increase of 5.13% year-on-year [2] - Total assets as of March 31, 2025, were approximately 8.004 billion yuan, a growth of 0.41% from the previous year [3] - Net assets attributable to shareholders were approximately 2.883 billion yuan, an increase of 3.42% from the previous year [3] Business Segment Performance - Medical beauty segment revenue was approximately 670 million yuan, a decrease of 9.22% year-on-year, with a gross profit of approximately 369 million yuan [3] - Women's clothing segment revenue was approximately 504 million yuan, a decrease of 5.74% year-on-year, with a gross profit of approximately 325 million yuan, an increase of 21.21% in net profit [3] - Infant and child segment revenue was approximately 221 million yuan, a decrease of 8.52% year-on-year, with a gross profit margin of 62.28% [3] Investor Relations and Strategic Planning - The company plans to accelerate the acquisition of external medical beauty institutions through its medical beauty industry fund, focusing on growth potential and compliance [6] - The strategy includes enhancing management and technological innovation, optimizing marketing channels, and improving customer satisfaction [5][6] - The company aims to avoid price competition by focusing on service quality and customer value [8] Marketing and Sales - In Q1 2025, the medical beauty sales expense ratio was 35.53%, with marketing promotion expenses accounting for 18.48% of medical beauty revenue [11] - Major marketing channels include local life platforms, short video platforms, vertical content communities, and search engines [11] - Online sales for women's clothing reached approximately 213 million yuan, a year-on-year increase of 14.31%, accounting for 42.62% of women's clothing revenue [11]
朗姿股份高位减持若羽臣套现,8倍收益输血医美并购路
Guan Cha Zhe Wang· 2025-06-13 14:34
Group 1 - The core point of the news is that Langzi Co., Ltd. plans to reduce its stake in Ruoyuchen by up to 3% within 15 trading days, following a previous cash-out of 217 million yuan, indicating a strategic move to support its expanding medical beauty business [1][4][6] - Ruoyuchen's stock price has surged by 534% over the past year, with a year-to-date increase of over 150%, prompting Langzi's decision to sell at a high point [1][4] - Langzi's investment in Ruoyuchen has yielded over 8 times returns, marking it as one of its most successful financial investments in recent years [4][6] Group 2 - Ruoyuchen, founded in 2011 and listed in September 2020, has seen a significant shift in its business structure, with traditional e-commerce operations declining while its own brand business is on the rise [4][5] - The revenue from Ruoyuchen's self-owned brands has grown from 73.97 million yuan in 2021 to approximately 263 million yuan in 2023, accounting for nearly 19.27% of total revenue [5] - The overall gross margin for Ruoyuchen reached 44.57% in 2024, with self-owned brands achieving a gross margin of 67%, significantly higher than its other business segments [5] Group 3 - Langzi's medical beauty business has become its main revenue driver, contributing 2.784 billion yuan in 2024, which is 48.92% of total revenue, surpassing its fashion women's wear segment [9][10] - Despite the growth, the gross margin for the medical beauty segment is only 54.42%, which is lower than the 63.45% margin for the women's wear segment [9][10] - Langzi's short-term borrowings have surged by 92.11% year-on-year, indicating increasing financial pressure as it expands its medical beauty operations [9][14] Group 4 - Langzi has faced compliance issues within its medical beauty operations, with several institutions under its umbrella encountering penalties for various violations [13] - The company is actively seeking funding to support its medical beauty expansion, which may include repaying upcoming debts and acquiring regional medical beauty institutions [13][14] - The medical beauty market in China has significant growth potential, with a penetration rate of only 3%-5%, compared to 20% in South Korea, but faces challenges from competitors and macroeconomic fluctuations [13][14]